Tapping the Arctic Ocean for oil

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Scott Jagow: Oil is trading at $133 a barrel this morning. That price has countries scrambling to find more oil. For example, in the Arctic ocean. Several countries, including the U.S., meet in Greenland tomorrow to talk about exploring the Arctic. Steven Beard has more from London.

Stephen Beard: Global warming and the melting of the polar ice cap have made the Arctic Ocean more accessible.

No one can be certain just how much oil and gas lies beneath the Ocean floor. But the five Arctic States -- the U.S., Russia, Norway, Denmark and Canada -- are taking no chances. They have the right to lay claim to exploit certain portions of the Ocean Bed.

Russia's been the most proactive. One of its submarine crews planted a flag on the sea floor last year.

Other Arctic states are getting nervous. They meet in Greenland tomorrow to air their concerns. Environmental campaigners like Mark Linas are dismayed:

Mark Linas: I have to say I do begin to despair for humanity if our main response to the disappearance of the Arctic ice cap because of global warming is that we seek to drill for more oil there.

But it seems safe to say that with oil at more than $130 a barrel, the Arctic's potential hydrocarbon riches will not be ignored.